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? >> the fiscal cliff. >> stephen: fiscal cliff, yeah. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to some sort of compromise. >> stephen: all right so, we're all doomed. >> it's like the movie thaw you have to either cut off your arm or die. so they will come-- they will cut off their arm. >> stephen: do you know, do you know what kind of ratings the news could get if they could get politicians to cut off their arms on camera? okay. -- (cheers and applause) >> stephen: as i said senior white house correspondent for abc news. the only news anybody watches any more. >> i think that's true. >> stephen: and you have got eye new book here called the outpost, an untold story of american valor. this is about the war in afghanistan. >> it's about one combat outpost in afghanistan, 14 miles from the pakistan border, built at the bottom of three very steep mountains, built in 2006. and overrun in 2009 by the taliban. >> stephen: let's put a picture of this space right here. >> that's it.
charged off the fiscal cliff? >> welcome back. >> greece has been thrown another lifeline, as we heard earlier. but the eurozone crisis is continuing to cause economic contraction. revenue figures show that europe pose a growing debt levels are said to present more threats in the years to come, even to vibrant economies, like germany's. >> germany's labor market has weathered the euro debt crisis relatively well across all sectors, but a new report by the organization for economic cooperation and development says the unemployment rate in the country will rise slightly next year by 0.2%. and that is not all. the oecd says germany's gdp will grow by just 0.6% in 2013, which is much less than economists were predicting a few months ago, but it is more than france can hope for. and the crisis-hit countries are expected to fare even worse -- spain's gdp is expected to shrink by 1.4%. portugal's by 1.8%. greece's by a massive 4.5%. the report predicts the gdp of the eurozone as a whole will shrink by 4%, but it says germany is unlikely to fall into recession thanks to robust demand on the do
the late-day selloff? most on the street blaming these words out of washington about fiscal cliff. >> there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. >> as we head into the fiscal cliff negotiations, my advice to the president would be seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. >> behind closed doors. even with the fiscal cliff looming over the markets, our own jeff cox with cnbc.com says there's a growing bit of optimism about the outlook for next year. take a look at some of the predictions from some of the street's biggest names regarding the s&p 500 for next year. it's quite a chapg for morgan stanley, by the way, whose 2012 forecast was for the s&p to close at 1167 on december 31 of this year. >> wow. they're expecting a mega rally next year. >> he hates having to co
out today, still no rally for stocks. is it really still all about the fiscal cliff for investors right now? let's talk about that in our clo"closing bell" exchange. steve liesman will have breaking news momentarily. steve, do you have that? >> yes, i do. what we have is a report from the new york fed on consumer finance. what the news shows is that overall, consumer credit outside of real estate is up just a bit. most of that, by the way, is student loan debt, being up about $42 billion inside that $2.7 trillion number. overall, mortgage debt is down and overall debt is down. the basic gist of the details, bill, is that consumer credit continues to decline overall. delinquencies are down and bankruptcies are down. balance sheet repair continues. a little bit more willingness of the consumer to take on some debt and a lot of it -- >> that's very interesting, steve. let me ask you something, david. >> i want to make one more point, which is that when you talk about how much the dow is down today, it should be down more because the rally we didn't have from the better economic news
calling the fiscal cliff. and yet the consumers we have been talking about are not acting very worried. trying to capitalize on the strong holiday shopping season, the president warned that the economy will spiral downward if it is not addressed. >> i think it is a reason that retailers are so concerned. that congress has not yet extended the middle class tax cuts. >> reporter: the report also estimates that consumer spending could drop by $200 billion by 2013. 31st, there will be a massive fiscal cliff, of large spending cuts and tax increases. >> reporter: the federal reserve chairman coined that term last spring, restoration of 2% in payroll taxes, expiration of unemployment benefits and $110 billion in automatic cuts, to programs like defense. the political sticking points? tax rates, most democrats want tax rates for those making $250,000 a year to go up. republicans want it to stay the same, but would limit the deductions and close loopholes. there is a disagreement on who should be considered wealthy warren buffet argues that the timeline for the rich should be raised from $250
guess who. you, and of course the rest of us. we're all on the edge of this fiscal cliff. >> we don't think that raising tax rates is something that's good for this economy, that will help grow jobs. and so what we have said is there are ways for the federal government to have more revenue if we grow this economy and engage in tax reforms. >> every economist i respect says if you raise tax rates at this time -- in fact the president said that a couple years ago -- that it harms the economy. we're trying to help the economy. and so unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and grounds for my position. >> the truth is this country does not need to go through this fiscal cliff, which is fundamentally a huge tax increase and very little spending cuts. we're favoring a huge automatic tax increase that needs to be changed. >> bottom line we can't go off the fiscal cliff. democrats have harry reid. we have mitch mcconnell. get them in the room. no one gets all they want. if reagan and o'neill could do it, obama and boehner sh
be worried, in takes two to tango or to send us over the fiscal cliff. but only party we're talking about right now is the g.o.p., and they are. neil: why are they doing this? i know a close election, but, it is not as if they were just wiped off the face of the earth? what are they doing? >> i think there are a couple things here, dan and i were talking, if they go ahead, and go along with this, then they are setting a tone and putting themselves at risk for midterm elections, they can't afford to lose at this pointolitically. but i think they know, that if theyment long-term tax solutions, a simplification of the tax code if that i want to talk about entitlement reform they have to concede a bit. i think one thing that could help both sides if we had a well the more transparency in this conversation so it is not just republicans that are strong armed here. neil: you know, dan, you are closer to this than i will be, but i have to say between this concession of republicans to entertain what cou be more substantial revenue hikes, so say nothing now of embracing the idea of suzanne rice --
predicted president obama would be re-elected and that the u.s. is not likely to fall off the fiscal cliff. there are lots of rumblings coming out of washington. let's turn to scott bauer of trading advantage to talk about this alleged fiscal cliff. what do you think - and good morning - deal or no deal, scott? > > good morning angie. yeah, there is going to be a deal. it may not be later this week, it may not be next week, but i think at a minimum we are going to see congress, the president, everyone say, you know what, we are on the table together here, and even if we have to extend this three months, six months, we are going to get it done. there is no way with the recovery that we have seen - and i'm not talking about the stock market recovery, i am talking more of the consumer sentiment recovery, housing recovery - with what we have seen the last quarter of this year, there is no way that the guys in washington can harm that or add anything to take the momentum away from that. it just won't happen. > let's talk about the stock market. what levels are you watching here? > > 1390 really
against the clock trying to reach an agreement on the fiscal cliff that is fast approaching. the president is trying to ramp up public pressure on congress to accept his ideas for debt reduction in. in the coming days he meets with small business owners, middle class taxpayers, around corporate leaders. friday he tried to recapture his winning spirit in pennsylvania touring a toy manufacturing plant. i don't think the event is in whoville but the republicans as grinch playbook is probably evident enough. to hear some of the president's team, they see this christmas going their way. >> i think we're going to get this done. i'm more positive than most. i'm heartened by many ever my senate republican colleagues who have stepped forward and basically said that their real oath is to america and not to a washington loppiest named grover norquist. >> it's actually true. some republicans have signaled a willingness to buck grover norquist and his anti-tax pledge and raise some new revenue. "the wall street journal" weighed in with a reasonable argument. president obama's re-election means the taxe
cliff to that fiscal slope. liberals are saying to that austerity bomb that progressive people don't like at paul. former senator allen simpson proposed a plan to get the united states financial house in order that some say was our best shot at solvency. senator simpson, it's always an honor. politics, i know you understand the irony of politics, it makes strange bedfellows. i want to try something by you. the president wants a deal. the president would obviously like to include something on revenues. the conservative may not want to go along with that. the best push is coming from people i don't normally side with like tom donahue of the u.s. chamber of commerce because he's warning if the congress screws around with this thing, the whole world is going to be watching us screw it up again and it's going to hurt the economy no matter who is in charge, it will hurt everybody, and we better darn well have a deal. i think they're the strongest push, better than the progressives, in get a deal. your thoughts? >> i think dick durbin is a hero. i'd give him the medal of honor with oak le
is pulled back. dagen: thank you. if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talkin
on their plate. we're not talking about turkey. we're talking about the fiscal cliff. one of the urgent matters this lame duck congress needs to address before the end of the year and even though the tax increases are going to take effect in 36 days, there's still only talk of a compromise, so can congress actually walk the walk or are we going to go off this cliff? up next, mike lee of utah. really appreciate you taking the time. you wrote an op-ed in the washington times and said quote, delaying significant fiscal restraint will send the wrong signal and may serve as taping point for our economy. so you're fear is that interest rates could surge. to be father, we've had this disastrous situation for years and interest rates have kept falling in spite of all worries that there would be a disaster. >> that's right. that's one of the things that distinguishes the fiscal cliff, which we're coming up against right now. from what i described yesterday says the fiscal avalanche. we can see when the fiscal cliff is about to hit. the avalanche occurs when people stop buying u.s. treasury instruments a
to the streets. >>> lawmakers back to work in the u.s. priority number one, avoiding the fiscal cliff. the left and right are talking compromise. and the u.s. ambassador to the u.n., susan rice, headed to capitol hill to meet with her most outspoken critics, answer questions about what happened in benghazi. let's go "outfront." >>> good evening. "outfront" tonight, egypt on edge. is a new dictatorship on the horizon? tonight, president morsi clarified, but really largely stood by his decision to grant himself sweeping powers. including freedom from judicial review for what he's calling presidential decisions. the announcement was made today after morsi met with members of egypt's judicial body, which has been very critical of his position and u.s. officials who were praising the new leader for his role in negotiating a cease fire between israel and hamas, well now when he took all these powers away from judges, they're in a tough spot. >> have some concerns about the decisions and declarations announced on november 22nd. democracy depends on strong institutions and the important checks and bala
the fiscal cliff or the debt limit which looms in february or march. >> as we know there is no real fiscal cliff. it's more of a curve or a mole hill. it's serious and real but not going over the cliff. if there is something of a cliff-like situation, it's playing to the president's advantage. december 31st what he doesn't want, the bush tax cuts for the rich, will be gone. they'll also be gone with the middle-class tax cuts. two years ago the republicans tried to hold the president hostage and said listen, if you don't give us the bush high-end tax cuts we're not giving you the middle-class tax cuts. the president ju jitsued that into a second stimulus. the president this time around has a little advantage. he can let all tax cuts expire on december 31st which is what democrats are advocating, first week in januariry when the congress comes back in, he can say, guys, we have 98% of the public i want to give tax cuts to right now, we can keep arguing about the top 2 but do this right now for the 98%. how come you're not with me on this? that's i think is a card for him to play heavy and gi
the lame-duck session. president obama spoke to harry reid over the phone about the fiscal cliff over the weekend. the white house is making it clear today that the president won't sign a bill that extends tax cuts for those earning $250,000 a year in social security. it will not be part of the fiscal cliff. so we are going to talk about the compromise. we have a congress and to talk about this with us. >> and you for having me cheryl: or a little bill? >> we were waiting and hoping to compromise with its administration. but they they would just never come to the table. >> these democrats want to continue spending on social programs, republicans don't want tax cuts to be touched. you think we can have coromise from both sides on each of these issues? the rhetoric that we are hearing on a television screen is pretty negative. >> he did say that we want and the republicans will reach out to less. cheryl: after the last election, the november election, it was a referendum on many republicans. some of them walked away and said, okay, we did not get the senate back, we are moving forward.
trail to talk about his solution for the fiscal cliff. nothing is getting done in washington. >> what is rich's the $230,000 for a tough pill to swallow for new tax hikes. so now it will buy even make dead-end. what does lou dobbs think? melissa: corporate america racing to get ahead of the cliff with wall street funds to help your wallet. melissa: time for stocks ahead to the floor of the new york stock exchange with nicole petallides confidence hitting the post recession peak but traders are not buying it? >> >> of its numbers result of the market moved higher the dow moving into the green but now was sells off continuing the trend. we're doing much of the same we're under pressure with dow jones industrial average but also of the nasdaq has some of perot's. the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends compani
. ♪ gerri: tonight, no clarity from congress from the fiscal cliff. will the american people end up being the big loser? and with the lame-duck congress back in session, new warning about rules and regulations that it your way. welcome to "the willis report." hello, everybody. the white house trying to save face by saying it is wrong to think about talks to avert the thistle class have broken down, but the evidence is mounting. the president pushing tax checks on those making over 250,000. all that promise, the second meeting between president and congressional leaders is an even scheduled yet. senate majority leader harry reid refusing to put cuts on the table and saying it is republicans who are holding up negotiations. should we expect to go right over the cliff? let's start by talking about whether it is impossible to get some kind of thoroughgoing resolution of this issue. >> at think it is, but we have to be working on a full-time. the president needs to be here talking to members of congress and working out a big deal, meaning tax reform, and panama reform, and other spending contr
of pushing for immigration and fiscal cliff and saving up his capital there? >> reporter: well, it's clear the president is fond of susan rice. you saw that in the press conference after the election. he really forcefully defended her. you saw more passionate people had been waiting for from the president. if there's a time to push someone, the president believes is the best personed to the job, it's after you win the election in a pretty strong way. so the president, i think, if he wants to push her, now is the team to do it. it's interesting that so many senators such as john mccain and lindsey graham oppose her. policy-wise she's closer to them in terms of policy and intervention and human rights than, say, senator john kerry, for example. >> amanamanda, you referenced t press conference where the president went to bat for susan rice. let's actually take a listen to them. >> for them to go after the u.n. ambassador who this nothing to do with benghazi and was simply making a presentation based on intelligence that she had received and to besmurch her reputation is outrageous. when they
or another, that's about all i hear on this fiscal cliff business, and you know what? what about spending cuts which is the true source of the deficit problem along with anemic economic growth. and here's one. we just got confirmation that the latest fiscal numbers from the treasury department show the federal government ran up more red ink in october than it did the year before, and guess what? spending went up double digits from the year before. what a surprise. but the white house got one thing right today. it released a study showing that a massive year-end tax hike would kill consumer spending by $200 billion, right. so let's not raise taxes. and in addition to all of this, the joint chiefs of staff is apparently drawing up plans to keep 10,000 u.s. troops in afghanistan past the 2014 deadline. this break a president obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess with now just 35 days to go. are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington
over the fiscal cliff? the democrats, 202-585-3880. republicans, 202-585-3881. independents and all others, 2.202-585-388 yesterday at the daily news conference of the white house, jay carney the spokesman there was asked about liberals who are advocating going off the so- called fiscal cliff. here is what he had to say. [video clip] >> he spoke with john boehner. by the weekend and he will meet with them at the appropriate time as well as nancy pelosi and mitch mcconnell. so the process that he began is continuing. recanting you to be optimistic that a balanced approach is achievable. we know what the solutions are. it was senator who said that in an op-ed, one benefit of all of the debate said we have had any discussions over the past couple of years is that we know what the parameters of a balanced solution for these challenges look like. and they include both spending cuts and revenues and entitlement reform. they have to have -- all three legs of the school of got to report of that. >> jay carney at the white house. was asked about the idea of going off the fiscal cliff. alan k
a scenario where we go off the fiscal cliff. we can go back into a recession. >> the fiscal cliff reports, but are democrats trying to scare you with massive tax hikes? also chaos in malls across america on black friday. we examine what's behind the holiday hysteria. >> a clear sexism and racism. >> more baseless allegations from the left that racism is fueling criticism of ambassador susan rice. we sounded that alarm about the rise of the muslim brotherhood in egypt. now our predictions are becoming a dangerous reality. all of that, plus video of jamie foxx's bizarre tribute to his lord and savior. barack obama? "hannity" starts right here, right now. >> it's clear the democrats spell blood in the water. if a deal is not reached by january 1st, a series of defense budget cuts will mean massive tax hikes reaching every american. we've seen democrats from the president on down using the so-called crisis to ram their left wing agenda down your throat. they want bigger taxes, bigger government. for example, take a look. >> if despite the dangers of going over the fiscal cliff and what that m
and fiscal cliff fears. >> of course, we're talking about the -- >> fiscal cliff. >> it does cause uncertainty. >> there's a great uncertainty. >> there's always uncertainty. life is uncertain. >> i think it's more of a slope. republicans possibly maybe -- >> growing number of republicans. >> looking to make a deal. >> and they would like one pretty quick. >> some top republicans suggest they could shock horror. >> the mythical grover norquist. >> break with their sacred pledge. >> to grover norquist. ♪ another one bites the dust >> nobody's turning on me. >> i'm not obligated on the pledge. >> nobody's turning on me. >> it is not about that pledge. >> nobody's turning on me. >> it really is about trying to solve problems. >> i'm sorry, that's just silly. >> grover norquist is not jesus. >> he can't burn down your house. >> we would highlight whose kept their commitment. >> this guy's a political lone shark. >> nobody's turning on me. >> i will violate the pledge. >> nobody's turning on me. ♪ >> with 36 days until the curve, republicans on fox news say their party is in chaos a
campaigning. he is campaigning on dealing with the fiscal cliff. he will travel to pennsylvania and meet with small-business owners as the pressure republicans to extend tax cuts for people that are in less than two and a $50,000. he will be meeting with these business owners and middle class residents. >> new video coming in from cairo. look at all of the tents that are set up. this is a mass rally against a decree of begins the new president. this demonstration is just after he stated that he had a meeting with judges that was aimed at the worst political crisis in june. there are marches across the capitol and this is the center of a protest that is about the numbers and it is expected to swell. >> we will be right back as we continue. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we mu
away from the fiscal cliff. we have fox team coverage. chief washington correspondent james rosen is at the white house to tell us about the president's return to the campaign trail sort of. but we begin with the chief congressional correspondent mike emanuel and another reason that the talk reconciliation so important. good evening, mike. >> good evening. there are strong suggestions that the nation's debt problem may be worse than $16 trillion and counting and key lawmakers are saying it's time to slash spending. >> i can cut $600 billion more out of the federal government tomorrow. nobody would know a difference except for the people employed by the programs here in washington, d.c. >> when asked by fox what he would be willing to cut, the senate majority leader didn't offer anything new. >> remember, we have already done more than $1 billion worth of cuts. we have done that. so we need to get some credit for that. and the negotiations that take place. >> 42 business organizations sent this letter to top lawmakers urging congress not to increase taxes writing, "we strongly urge
coburn about the fiscal cliff, affordable care act and the future of the republican party on book tv's "in depth." the senator has written several books and reports including the latest, "debt bomb." join us with your calls, emails, tweets for senator tom coburn live sunday at noon eastern on book tv's "in depth" on c-span2. >> and over at the white house today, the president's resolving with fiscal cliff issues, he's meeting with business owners. the president and vice president will visit with the president-elect of mexico, enrique pena nieto. u.s. house coming in momentarily. back from the thanksgiving break. they'll come in for short speeches in just a moment. later this afternoon they'll begin work on five bills one of which would require the department of homeland security to report annually on border security and illegal immigrants. votes at 6:30 this evening. later this week they'll be working on a proposal for a new visa proposal for foreign students, foreign college students taking advanced degrees in science, engineering and math. off the floor this week democrats will ele
in the fiscal cliff. perhaps the majority of the people who were polled are oblivious to the dangers of the physical cliff. maybe they don't know what it means. maybe they don't know about the tax increases that await us. do they know about the layoffs and the ta awtake away of the stimulus. are they foolish and brave? smug, we won't go back into a recession? perhap s obtuse. first off, we shouldn't be putting that much faith in the consumer value customers to begin with. it was right at the beginning of the breakdown of society as we know it. sure, they were confident. but they were wrong. second, many people polled were paying income taxes. we know that 47% of the people in the country were paying the rates. but a lot of people in the country, cohorts are small and it is a small part of the survey. given how difficult the tax code is to comprehend. i have been trying to figure out what it could be. that makes me cautious. third, it is possible we are overstating the whole fiscal cliff issue. there are people that kcalculat how much they would owe. they are still spending aggressive
in washington to avoid going over the fiscal cliff. but are they any closer to an agreement? >>> u.n. ambassador susan rice faces three of her main republican critics today, trying to explain her comments about the attack in benghazi. will she get their support if she's nominated as secretary of state? >> then, she's queen of the racetrack. now she's taken on sonic. danica patrick is here, live, with a preview of her new racing video game. >> we have lots coming up in the next two hours. pennsylvania senator pat toomey, maryland congressman chris van hollen. utah senator mike lee. and actress lucy heal from "pretty little liars." >> "starting point" begins right now. >>> good morning, everyone. our starting point today, more republicans seeming to break their no tax pledge but still bickering with democrats over the so-called fiscal cliff. and just under 35 days now america falls off that cliff. you've heard the menacing sound right there. this triggers drastic spending cuts and tax hikes. now there are some signs of compromise on capitol hill. several top republicans saying they're willing to a
's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some otherbest in four months. two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec. officially leave office on december 14th. she ran the securities regulator for nearly four years. president obama will appoint current sec commissioner to run the agency. all right. now to our top try. warren buffett support for raising taxes on the rich takes a controversy in its turn in an op-ed in today's new york times. the billionaire investor says let's forget about the rich in culture ridge. income is increased. forever for see investment of the charities. so buffett is on target with this. raising taxes on the rich actually have no affect on their investment behavior. let's bring in scott martin, chief investment strategist and founder and ceo of market 76. thank you for joining me. give me a re
to "power lunch." it is a fiscal cliff faceoff. president obama meeting with small business leaders at the white house this afternoon to make his case for higher taxes ahead. we will also go to the home state of a kai player in tey pl talks. >>> the chevy volt struggling to work with car makers aed car buyers. why is general motors doubling down with its big bet in electric and has it jumped its sales? >>> facebook stock up 10% in the past week and 30% the past two months. has it finally turned a corpser? >>> speaking of corners, we have switched corners, tyler, the gentleman that he is, is braving you the snow and the ice in new york city and he is down on the floor of the new york estock exchange. >> a mucky day. not since 2008 has it been so high. more evidence the housing recovery is taking root. prices rising in the big cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today
. >>> president obama meets with small business owners today to promote his solution to the fiscal cliff. the deadline is now 35 days away. the president is holding more events tomorrow and friday. "new york times" reports this morning that a budget deal could reduce the tax deduction millions pay on their mortgage interest. nancy cordes is on capitol hill. good morning. >> reporter: good morning to you, charlie, and norah. the president and house speaker john boehner spoke by phone over the weekend. top aides in the house and senate tell us that negotiations at this point are just taking place between the president's staff and speaker boehner's staff. that's because any deal that involves raising tax revenue is going to face its biggest challenge in the republican-led house. top republicans returning from thanksgiving recess urged the president to make the first offer in fiscal cliff negotiations. and they expressed a new openness to raising tax revenue, if democrats agree to make cuts to strengthen medicare and medicaid. >> elections come and go. and when they g
more is known about whether and not government leaders will be able to avert the fiscal cliff. >> taxes go up for everyone, less money to spend and you don't buy anything. >> one of the benefits of shopping on line is that you can do it from just about anywhere. with most people back to work on sun insider monday we're asking on facebook if you made any purchases from your job? if you have not done any cyber monday shopping yet it is still out there still time to snag a deal. >> the stakes are high and we need to address this in a serious way. >> this is the thumb and louise crowd. the ones who dream of higher taxes and bigger government. >> is only the house would consider freezing tax rates for 90 percent of the moment american families >> people want to know if washington is any closer to avoid the dreaded fiscal cliff. we'll have the latest on progress after the break. >> 36 days and counting until the fiscal cliff and washington lawmakers are heading back to work after thanksgiving break. there are hints of compromise in the air. most americans understand the fiscal cliff is scary
house speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. on wednesday president obama will seek more input from top ceos, including gold man's lloyd blankfein and caterpillar's doug owner hill man. a number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. so all things fiscal cliff still pre-dominate. we have a time clock that's quickly running out. how important is it that we get an agreement before the end of the year? >> this is like the debt ceiling argument. people got into a panic. that's something we even imposed on ourselves to decide that the debt shouldn't go too high. so it's not a bad thing. same with the fiscal cliff. what are we saying with the fiscal cliff? we're saying the economy might be revealed to be what it's actually doing because we'll take away the artificial supports because we think it's held any enough now to maybe after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't jus
the ground game was in florida. can he put this ground game to work to fight the fiscal cliff? the "hardball" story on that one is coming up right now, the place for politics. ts and hasbro trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. >>> "the new york times" has just listed "jack kennedy: elusive hero," my book, on the best-seller list. it's a big honor for the paperback edition. it's a great book of american heroism, the story of jack kennedy, who he was when he lived, who led us, and, of course, who inspired us. it's a perfect upbeat gift for yourself or someone who shares our love of history and american greatness. we'll be right back. >>> well, we're back. republicans have always mocked the president's experience as a community organizer. remember those laugh lines back in 2008 at the convention? here they are again. >> he worked as a community organizer. what? >> i guess a small town mayor is sort of like a community organizer except that you have actual resp
cuts at the end of this year. it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more like a fiscal beach. it is not like the debt ceiling. it is not a sudden that situation. there is a bit more flexibility. but one of the issues emerging is what the attitude of richer americans will be and whether they will accept the need to pay higher taxes. you probably read, as i did today, a very interesting op-ed by warren buffett, who points out that early in his career in the 1950's and 1960's when he was making a lot of money, the tax rate was many times higher than it is today. he is calling on rich americans to pay up. >> is warren buffett and out liar i
in washington. the president's fiscal cliff campaign. live pictures of the white house are president obama will meet today with 15 small business owners. the first of a series of meetings this week as the administration puts the pressure on congress to make a deal. the "washington post" reporting the talks are accelerating between president obama and top congressional leaders, including john boehner who was on the phone with the president over the weekend. the white house's pr campaign is being buoyed along by warren buffett who is voicing support for tax hikes for americans just like him. >> i think it would have a great effect in terms of the morale of the middle class who have seen themselves paying high payroll taxes, income taxes and then watched guys like me end up paying a rate that's below that, you know, paid by the people in my office. >> joining me now is wisconsin's republican senator ron johnson. senator, it's great to have you with us this morning. and as we talk about what's taking place in washington, d.c. right now, the million dollar question is all concerns around senato
compromise to avoid the january fiscal cliff, showing a willingness to put spending cuts and revenues on the negotiating table. the white house warned that the uncertainty of potential tax hikes for middle-class taxpayers could hurt consumer confidence during the holiday shopping session. that could have a big effect on the economy. the washington post writes that the white house is ratcheting up pressure to avoid the fiscal cliff. on c-span tonight, we will bring you some of the house and senate debate from august of 2011, when congress passed the budget control act that triggered cuts to take effect on january 1. we will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protec
about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, every major bourse in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe that weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn't so good that china becomes a big importer of our goods again but isn't so bad the c
this ground game to work to fight the fiscal cliff? the "hardball" story on that one is coming up right now, the place for politics. >>> "the new york times" has just listed "jack kennedy: elusive hero," my book, on the best-seller list. it's a big honor for the paperback edition. it's a great book of american heroism, the story of jack kennedy, who he was when he lived, who led us, and, of course, who inspired us. it's a perfect upbeat gift for yourself or someone who shares our love of history and american greatness. we'll be right back. those little things still get you. for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take n
-and fiscal cliff. we will take it to august of 117 debate -- august 2011 senate debate. >> this is a significant -- significant point in our country's financial history. decisions have to be made. . on march 22 of this year, i wrote president obama a letter indicating that i could not vote to raise the debt ceiling unless i saw substantial reductions in spending and structural changes in the way we do business in the united states congress and washington d.c. why i say there is no joy for me to be here today, in my view, we have failed to do either one. it would be irresponsible for us not to raise the debt ceiling. it would be equally irresponsible if we raise it without meeting the criteria i have outlined. while we will have a discussion of all of us as it continues today, and we will probably play quarterback after this is over to figure out what we have accomplished, in my view, it is important to know there are no such in this bill. there is only a reduction in the growth of spending. that reduction is so small. $21 billion reduced in the first year, in the growth
and their respective parties in debating and discussing solutions to the fiscal cliff. president obama organizing a campaign to persuade voters that his plans for higher taxes on the wealthy are the right path forward. leading republicans creating consternation within their own party does they reversed themselves from taxes and seemingly the president's ideas of increases, a growing number on the right rejecting their no new taxes pledges and instead are now claiming the grover norquist is the real problem in washington d.c. fox digital politics center is here with us tonight as is the daily caller stalker carlson. egyptian leader declaring new powers for himself, claiming he won't be just another dictator. just a week ago praised by the obama administration for brokering a ceasefire in gaza, and now the white house is silent on the more -- coupe. middle east expert professor hoover institute senior fellow "wall street journal" as columnist among our guests here tonight. we begin with the president's broad based strategy to conduct our right class warfare against the republican party on the issue
-- can we avoid the fiscal cliff. can we get ourselves back on the right track, if you will, without raising taxes -- without getting rid of the bush tax cuts for the wealthy? >> i think -- it doesn't add up. you get about $750 billion from loopholes. that doesn't get you near -- >> bill: bill clinton said in charlotte, it is arithmetic. >> it's math. >> bill: right. you mentioned -- i want to come back -- the other thing the republicans have put on the table, of course, is entitlement. they will only consider new revenue if democrats come forth with entitlement reform. by entitlement reform, let's be honest. they mean getting rid of medicare, getting rid of medicaid. >> structural reforms. >> bill: and privatizing social security. >> it was good to hear yesterday jay carney the white house press secretary, i don't know if you were there. taking social security off the table. it's not a problem. it hasn't contributed to the deficit. that's off the table. they're open to medicare. they've been open to changing pr
if there is no deal on the fiscal cliff? >> that's right, andrea. we looked at what would happen if the middle-class tax cuts are not extended. the typical middle-class family with two children would see a $2200 tax increase next year if the tax cuts are not extended. that will hit their pocketbook. that would reduce consumption by 1.7 percentage points and reduce gdp growth by 1.4 percentage points and would be a big hit to retailers. we calculate that about $200 billion less would be spent next year than would otherwise be the case if the tax cuts for the middle class are not extended. and just to put that in perspective, that's about four times as much as spent over black friday weekend. >> why isn't there more action? we don't see the leaders coming to the hill, we don't see any meetings. what is going on perhaps behind the scenes because mitch mcconnell, among others, critics of the president, of course, were saying where is the presidential engagement. why is he going out to the public and continuing a political campaign to drum up support and not engaging one on one, meeting with the le
a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a company here that perhaps became a little more -- i wouldn't say vulnerable. not as if they were committed to selling. the board composition changed. you have had activist shareholder get on there. that was very
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